Summary Box: Consumer spending and incomes flat in June while savings rate jumps

Summary Box: Consumer spending, incomes flat

SPENDING and INCOMES FLAT: Consumer spending was flat in June, the third month of lackluster spending activity. Personal incomes also showed no increase in June.

SAVINGS RATE: Savings as a percent of after-tax incomes rose to 6.4 percent in June, three times where it stood in 2007.

OUTLOOK: Consumers are being careful about where they spend their money and that is making businesses cautious about hiring. The worry is that the economy could be stuck in a slow-growth rut unless businesses pick up their hiring, providing households with more income to spend.